KrisEnergy's Sale of Vietnam Offshore Block Delayed Again


December 17, 2020
File Image/Credit: KrisEnergy

File Image/Credit: KrisEnergy

Southeast Asia-focused oil company KrisEnergy has yet again extended the long-stop date for the completion of the sale of its interest in the Vietnam Block 115/09.

KrisEnergy first announced it had agreed to sell the offshore block to an unnamed "major international oil and gas company" back in February, so it can focus on its Apsara development in Cambodia.

The long-stop date for the completion of the transaction was initially set for June 30. This deadline was then moved to September 30, then to December 31, 2020, only to be delayed for a third time, as announced by KrisEnergy this week.

Namely, KrisEnergy said Wednesday that "while parties are actively working towards the fulfillment of conditions precedent under the farm-out agreement," the companies have mutually agreed to extend the long-stop date to March 31, March 2021, "or such later date as may be agreed in writing between parties."

KrisEnergy holds a 100% stake in Block 115/09 covering 7,382 sq km in the southern Song Hong Basin, offshore central Vietnam.

Credit: KrisEnergy

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